Love Is Project Shark Tank Update – Net Worth 2024

In Season 12 Episode 10, a mother-daughter duo, Chrissie and Gladys Lam came to Shark Tank to spread love worldwide. They sell handcrafted bracelets of various origins made by women to give their children a better life.

They offered a good deal of $250,000 with equity of 5%. So, will Sharks agree to spread love? Let’s find out whether they could sell the deal or not.

Love Is Project Net Worth

Chrissie and Gladys Lam asked for a $250k investment in exchange for 5% equity in their company. This meant they valued their company at $5 million. Unfortunately, they did not secure a deal on Shark Tank. Despite its mission and potential for women’s empowerment, the company had $4 million in annual revenue but struggled with profitability. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Love Is Project is about $5.5 million.

Love Is Project Shark Tank Tank Update

Love is Project is a project of spreading love across borders. This project helps women from various underdeveloped countries to craft elegant bracelets. Using these bracelets, women hold sustainability for their kids. Providing education and a better lifestyle helps several children. These bracelets have numerous elegant and sophisticated designs. Crafted from different materials and with versatile origins, these bracelets disperse love among the people.

Did Love Is Project get a deal on Shark Tank?

Unfortunately, no. The Love Is Project couldn’t seal the deal. Despite their great mission and excellent opportunity for women’s empowerment, they failed to get the deal on Shark Tank. What could go wrong? Let’s see. Read all about the product and its details.

Shark(s) Involved	Offer made	Demand	Counteroffer	Accepted?
Mark Cuban	Out	N/A	No	No
Alex Rodriguez	Out	N/A	No	No
Kevin O’Leary	Out	N/A	No	No
Lori Greiner	Out	N/A	No	No
Barbara Corcoran	Out	N/A	No	No

Founder and backstory

She worked in the fashion industry with million-dollar corporations with concept designing and trend forecasting skills. After she left the fashion industry, she spent 8 years traveling to different underdeveloped countries. She used to plan trips and outsource handcrafted products.

Gladys begins her background by starting from her mother’s life. She said she was a strong woman as she escaped from colonist China to Hong Kong for a better future. When Gladys grew up, she emigrated to America to chase her dreams. After many years of hard work, her career skyrocketed. She became VP of Finance at Bank of America.

Pitch and initial presentation

Chrissie and Gladys Lam began their pitch by explaining the Love is Project. She demanded $250,000 with 5% equity. She explained how handmade artisan brackets produced 2000 jobs around the globe. Those handcrafted bracelets are made with love from various origins of the world. 

Gladys then asked the Sharks to accept the gift packages placed for them. Barbara inquired about this idea, and Chrissie explained her career path. Alex inquired about the start of the project. Chrissie stated that it began in January 2017.

And ended up with 4 million dollars in annual revenue. This amazed the Sharks. Then Kevin about their project intention whether it’s a profit-seeking business or a sustainable job project. 

Chrissie stated that the business is a job sustainability project. Lori inquired about the cost of each bracket, which is 3 to 5 dollars and is sold for 18 to 30 dollars. Mark questioned about their marketplace. Chrissie replied that they are sold on their website, with 350 retailers and 44 States in the U.S. and 22 countries. Lori appreciated their message and inquired about how people find them. 

Discussion on pitch and offer

Chrissie answered as digital marketing. Mark was questioned about the budget. Gladys got Barbara’s attention with her fingers dancing as she wished to answer Mark. Mark gladly listened to her when she said she had zero experience initially. They used to invest 80% of the revenue in Facebook ads. Then they took classes and now it’s reduced to 30% with 50k followers.

Mark inquired about the profit per sale. Gladys explained that the cost per acquisition is $25 as its average sale is $75. She then asked Sharks to guess the top sales spend of their customer. After everyone’s guess, Barbara made the right guess of 4 million. Gladys says that this is Kevin’s dream company. Alex inquired about Gladys’s background.

Negotiation and final deal

Kevin diverted Gladys’ attention by asking about sales. She stated they made more than $ 1 million but there was no profit as Facebook ads were costly. Then Kevin asked if there was a debt and a small business loan of $200,000 with an EIDL of $383,000, which means $582,000 in debt.

Barbara backed out due to the lack of management. Then Kevin also backed out as an investor as it’s a non-profitable business. Lori stated she supports the product but can’t invest in it, so she backed out. Mark admired Chrissie’s professional experience but couldn’t connect Gladys’ presence to his project, so he backed out. Lastly, Alex stated that he invests in business for better profit so he backed out.

Love Is Project availability

The artisan-style handmade bracelets are a perfect gift to your loved ones. These bracelets can be purchased from 700+ retail stores in the US and 22 other countries worldwide. 

They can be purchased online from Amazon and their website. These small gestures of love aren’t costly either. They cost from $18 to $30 and have tons of sophisticated designs and vibrant colors with LOVE crafted.

Conclusion

Chrissie and Gladys came up with an offer of $250,000 with 5% shares for the investors in Shark Tank. But the Sharks couldn’t find any reason to seal the deal. So they ended up without any deal.

No doubt the Sharks were impressed with the mission and presentation. However, the blurred line between being a philanthropist and a profitable business made Sharks step out of the investment plan. So, what’s your thoughts on it? So let me know your honest reviews in the comments.